What's My Springboro Ohio Home Worth? November 2014 Update
Recently Sold by The Liz Spear Team of RE/MAX Elite in Springboro's Stone Ridge The Woods
We've had snow. We've had the annual Springboro Christmas Festival. We're watching the final month of 2014 rapidly come to a close. Typically that means the local real estate market starts trending down into the slower season pending the warmth of Spring. Is that holding true this year for Springboro?
Stay with us for the full report and our advice for potential Springboro home sellers and buyers. And if you want to search Springboro homes for sale, we've got search for Springboro homes for sale links at the bottom of the report.
This report covers the Springboro Community School district single family homes (so portions of surrounding townships will be included e.g. Clearcreek & Turtlecreek). This report will only cover single family homes and not include condominium data. Data is derived from the Dayton MLS only, so homes sold without Dayton MLS entry will NOT be included in this review.
The Springboro area is popular, especially with residents seeking to commute into Dayton (easy access with I75 and SR741), and even works well for those not minding a bit longer commute south to the Cincinnati area. Springboro is a good choice for couples where one works in Dayton and the other in Cincinnati.
Springboro Community Schools are among the state's best public schools per the Ohio Department of Education ratings. Additionally Springboro was selected #42 in U.S. in 2011 by Money magazine for Best Small Cities To Live and probably would have made the 2013 list, but Money magazine changed the rules to only one town per county and Mason got the nod. Area residents have known for some time Springboro is a great place to live, so nice to see the same recognition nationally!
Keep in mind that some homes may only be listed in the Cincinnati MLS and will not be included in this report. We STRONGLY recommend any Springboro resident selling their home hire a REALTOR(R) with access to BOTH Cincinnati and Dayton MLS.
The Springboro area offers a full range of price points, and features an older historic area, developments of older homes, new subdivisions and rural options. There are also golf course communities, luxury home communities, patio home communities .... basically there's something for every home buyer's taste and budget.
Stone Ridge, A Clearcreek Township community with Springboro Schools
So, on to the data!
First up is the number of Springboro single family homes sold on a month by month basis starting in 2010 and carrying forward to present:
Next is the Springboro median price summary chart.
Springboro Single Family Home Summary:
Homes Sold: 31 (0 Bank/Government Owned, 0 Short Sale) UP 5
Average Price: $260.066 DOWN $44k
Median Price: $240,000 DOWN $82k
Days on Market Average: 120 UP 30
Homes Active 12/6/14: 201 DOWN 29
Homes Pending 12/6/14: 42 UP 3
Average Sales/List %: 96.6 DOWN 1.7%
Most Expensive Home Sold: $749,900
Least Expensive Home Sold: $76,900
So what does this all mean? There are some key takeaways:
- 'Tis the season for a mixed bag from Santa! Some positive news, some not so positive!
- First, it may SEEM like the bottom fell out of the prices, but not so! There's a hazard with comparing each month to the next, especially when the baseline month was phenomenal for prices! October had the highest median and average prices we'd seen in years with a heavy slant to luxury homes. This month we returned to a more typical mix of homes: 2 below $100,000, 13 above $300k to include 2 above $400k and then the HUGE jump to the home at $749k! Compare November's median to other 2014 months and you'll see we're actually doing just fine this month!
- Now as for the rest, more homes sold than would have been expected, and we even have more homes under contract! On the other hand, a little slower average time for getting an accepted contract. The more aggressively a home is priced and marketed the better the odds of shortening that time frame.
- Distressed properties remain scarce. If you come to Springboro with the mindset that you will ONLY buy a foreclosed home, you're not going to be happy with the selection. Out of 201 homes not under contract, there are ONLY 3 foreclosures and 4 short sales available. And of the 31 homes sold in November, NONE were short sale or foreclosed. That's another consecutive month with no completed short sale or foreclosure.
- Don't expect huge discounts from asking price. While some homes ARE overpriced, most are priced fairly for the market as evidenced by the 96.6% sales to asking price ratio.
- At 201 homes for sale, you might think that's plentiful, but you may find it's actually a shortage of inventory if you have specific needs.
Bottom line: Springboro CONTINUES to be one of your best choices for buying a home in the Cincinnati/Dayton corridor.
So what does this mean to you as a Springboro single family home owner? We're sticking with last month's advice because the base factors influencing the Springboro market have NOT changed. The only real change is there are fewer buyers looking this time of year, so if you get a solid offer, do what you can to get to terms and keep it on track.
Springboro is still high demand, great market stability with distressed properties having almost no impact. Price right, market right and your sale will come, you just need to be patient and of course hire the right real estate team to take care of those details (give us a call at 513-520-5305). We do expect the market to continue to be slow over the next couple of months.
If you're a luxury home seller keep in mind you're competing against custom home new construction in communities like Country Brook and Silver Lake. Combine that with fewer buyers able to afford luxury homes and you realize the market slice is MUCH smaller for you.
For an evaluation of your home's marketability, please contact us at 513-520-5305. And of course your personal circumstances will have impact of the right decision. We'll give you our best advice, whether to start now, or wait.
So what does this mean to you as a potential Springboro home buyer?
NO REASON TO CHANGE THIS ADVICE EITHER:
Springboro is a competitive market for the best homes. Sitting on the fence and hoping for a price drop may be a really bad strategy. That 96.6% sold price vs. asking price tells you homes that are selling are still on target with price. Foreclosure bargains? Basically nonexistent.
Like a Springboro home for sale? Be prepared to pay for the great condition homes in the best developments.
Springboro offers a lot of prime factors to make it home: great schools, great location, great community. There are quite a few newer homes for sale in communities such as Settlers Walk, and some older subdivisions provide the lower end of the shopping price point. New construction is also available in some communities. If you find a home you love, ACT immediately or some other buyer may take it first.
Want to search Springboro Homes For Sale? Use these Cincinnati MLS links for a partial snapshot. For a COMPLETE overview of both Cincinnati and Dayton MLS homes, contact us and we'll provide a full list for your convenience.
Search Springboro Ohio 45066 Homes For Sale Under $200,000
When you're interested in buying a Springboro home, please contact us at 513-520-5305 or email Liz@Lizspear.com with your needs and we'll help you find the right Springboro community for you! Why not take advantage of the extremely low interest rates and get your Springboro home before prices climb higher?
Serving Springboro's home buyers and sellers,
Liz and Bill aka BLiz
Recent Springboro Reports: